SCR’s rating driven by that of the Treasury

Standard & Poor's revised its assessment of the Moroccan economy. With the reduction of the budget deficit (7.3% in 2012 down to 5.4% in 2013 and a 5.2% forecast in 2014) and the good growth in exports, the overall outlook has been revised up from negative to stable. Estimates of the country’s risk level and of the low financial risk due to the ultimate support of the State have had a positive effect on SCR’s rating.

According to S&P, the company should benefit from long-term mastered growth while generating good technical results profits. Consequently, the outlook for the national reinsurer’s ratings has also been upgraded from negative to stable.